Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | WOLVERINE BANCORP, INC. | |
Trading Symbol | wbkc | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 2,179,732 | |
Amendment Flag | false | |
Entity Central Index Key | 1,500,836 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 354 | $ 477 |
Interest-earning demand deposits | 11,208 | 29,209 |
Cash and cash equivalents | 11,562 | 29,686 |
Interest-earning time deposits | 13,223 | |
Investment securities held to maturity | 500 | |
Loans held for sale | 1,509 | 570 |
Loans, net of allowance for loan losses of $9,482 and $7,976 | 306,819 | 296,477 |
Premises and equipment, net | 1,315 | 1,384 |
Federal Home Loan Bank stock | 2,700 | 2,500 |
Other real estate owned | 260 | 335 |
Accrued interest receivable | 831 | 777 |
Other assets | 5,211 | 4,895 |
Total assets | 343,930 | 336,624 |
Liabilities | ||
Deposits | 231,050 | 223,529 |
Federal Home Loan Bank advances | 47,000 | 50,000 |
Interest payable and other liabilities | 3,352 | 1,557 |
Total liabilities | $ 281,402 | $ 275,086 |
Commitments and Contingencies | ||
Authorized – 100,000,000 shares | ||
Issued and outstanding – 2,193,251 and 2,263,848 at September 30, 2015 and December 31, 2014 | $ 22 | $ 23 |
Unearned employee stock ownership plan (ESOP) | (1,486) | (1,564) |
Additional paid-in capital | 17,168 | 18,640 |
Retained earnings | 46,824 | 44,439 |
Total stockholders’ equity | 62,528 | 61,538 |
Total liabilities and stockholders’ equity | $ 343,930 | $ 336,624 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Allowance for loan losses (in Dollars) | $ 9,482 | $ 7,976 |
Common Stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares anthorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 2,193,251 | 2,263,848 |
Common Stock, shares outstanding | 2,193,251 | 2,263,848 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest and Dividend Income | ||||
Loans | $ 4,055 | $ 3,754 | $ 11,340 | $ 10,719 |
Investment securities and other | 51 | 44 | 176 | 160 |
Total interest and dividend income | 4,106 | 3,798 | 11,516 | 10,879 |
Interest Expense | ||||
Deposits | 369 | 305 | 1,044 | 790 |
Borrowings | 484 | 512 | 1,538 | 1,549 |
Total interest expense | 853 | 817 | 2,582 | 2,339 |
Net Interest Income | 3,253 | 2,981 | 8,934 | 8,540 |
Provision for Loan Losses | 150 | 300 | 650 | 795 |
Net Interest Income After Provision for Loan Losses | 3,103 | 2,681 | 8,284 | 7,745 |
Noninterest Income | ||||
Service charges and fees | 85 | 68 | 227 | 173 |
Net gain on loan sales | 197 | 181 | 509 | 472 |
Net gain (loss) on sale of real estate owned | (97) | (40) | (134) | (37) |
Other | 86 | 49 | 283 | 126 |
Total noninterest income | 271 | 258 | 885 | 734 |
Noninterest Expense | ||||
Salaries and employee benefits | 1,108 | 1,035 | 3,184 | 3,564 |
Net occupancy and equipment expense | 200 | 227 | 624 | 675 |
Information technology expense | 60 | 59 | 175 | 181 |
Federal deposit insurance corporation premiums | 58 | 49 | 162 | 163 |
Professional and services fees | 104 | 93 | 293 | 345 |
Other real estate owned expense | 12 | 7 | 42 | 65 |
Loan legal expense | 95 | (20) | 208 | 27 |
Advertising expense | 34 | 38 | 101 | 130 |
Michigan business tax | 47 | 43 | 140 | 140 |
Other | 271 | 244 | 724 | 796 |
Total noninterest expense | 1,989 | 1,775 | 5,653 | 6,086 |
Income Before Income Tax | 1,385 | 1,164 | 3,516 | 2,393 |
Provision for Income Taxes | 470 | 415 | 1,131 | 859 |
Net Income and Comprehensive Income | $ 915 | $ 749 | $ 2,385 | $ 1,534 |
Earnings Per Share: | ||||
Basic (in Dollars per share) | $ 0.45 | $ 0.36 | $ 1.17 | $ 0.73 |
Diluted (in Dollars per share) | $ 0.44 | $ 0.35 | $ 1.15 | $ 0.72 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 2,385 | $ 1,534 |
Items not requiring (providing) cash | ||
Depreciation | 173 | 191 |
Deferred income taxes | (420) | |
Provision for loan losses | 650 | 795 |
Loss (gain) on other real estate owned | 134 | 37 |
Loans originated for sale | (16,572) | (14,421) |
Proceeds from loans sold | 16,142 | 15,269 |
Net gain on sale of loans | (509) | (472) |
Share based compensation | 238 | 235 |
Earned ESOP shares | 195 | |
Changes in | ||
Interest receivable and other assets | 80 | 105 |
Interest payable and other liabilities | 1,795 | 1,239 |
Net cash provided by operating activities | 4,291 | 4,512 |
Investing Activities | ||
Net change in time deposits purchased | (13,223) | |
Purchase of held to maturity securities | (500) | |
Proceeds from calls, maturities and pay-downs of held to maturity securities | 123 | |
Net change in loans | (11,168) | (36,275) |
Proceeds from sale of real estate owned | 87 | 551 |
Purchase of FHLB stock | (200) | |
Purchase of premises and equipment | (104) | (63) |
Net cash used by investing activities | (25,108) | (35,664) |
Financing Activities | ||
Net change in demand deposits, money market, checking and savings accounts | 8,224 | 14,009 |
Net change in certificates of deposit | (703) | 33,517 |
Repayment of Federal Home Loan Bank advances | (13,000) | (12,000) |
Proceeds from Federal Home Loan Bank advances | 10,000 | |
Net change in Fed funds purchased | 3,000 | |
Proceeds from stock options exercised | 28 | |
Purchase of common stock | (1,828) | (662) |
Net cash provided by financing activities | 2,693 | 37,892 |
Change in Cash and Cash Equivalents | (18,124) | 6,740 |
Cash and Cash Equivalents, Beginning of Period | 29,686 | 26,181 |
Cash and Cash Equivalents, End of Period | 11,562 | 32,921 |
Supplemental Disclosures of Cash Flows Information | ||
Interest paid | 2,542 | 2,335 |
Income taxes paid | 895 | 910 |
Loans transferred to real estate owned | $ 176 | $ 255 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Total |
Balances at January 1, 2015 at Dec. 31, 2014 | $ 23 | $ 18,640 | $ (1,564) | $ 44,439 | $ 61,538 |
Net Income | 2,385 | 2,385 | |||
Purchase of 75,202 shares of common stock | (1) | (1,827) | (1,828) | ||
Share based compensation expense | 238 | 238 | |||
ESOP shares earned | 117 | 78 | 195 | ||
Balances at September 30, 2015 at Sep. 30, 2015 | $ 22 | $ 17,168 | $ (1,486) | $ 46,824 | $ 62,528 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2015shares | |
Treasury stock, shares purchased | 75,202 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1: Basis of Presentation The unaudited condensed consolidated financial statements of Wolverine Bancorp, Inc. (the “Company”), the holding company of Wolverine Bank (the "Bank"), have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) believed necessary for a fair presentation have been included. The condensed consolidated balance sheet of the Company as of December 31, 2014 has been derived from the audited consolidated balance sheet of the Company as of that date. Operating results for the three and six month periods ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto filed as part of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 31, 2015. |
Note 2 - Accounting Development
Note 2 - Accounting Developments | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 2: Accounting Developments The FASB has issued ASU No. 2015-05, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . ” (a) (b) (c) (d) Intangibles - Goodwill and Other - Internal-Use Software, FASB Accounting Standards Codification 1 2 The Company will adopt the methodologies prescribed by this ASU by the date required, and is still evaluating the impact the ASU will have on its financial position or results of operations. The FASB has issued an ASU No. 2015-02, “ Consolidation (Topic 810): Amendments to the Consolidation Analysis, ” FASB Accounting Standards Codification ● Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. ● Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE). ● Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The Company will adopt the methodologies prescribed by this ASU by the date required, and is still evaluating the impact the ASU will have on its financial position or results of operations. In May 2014, the FASB, in joint cooperation with IASB, issued ASU 2014-09, “Revenue from Contracts with Customers.” |
Note 3 - Securities
Note 3 - Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: Securities The amortized cost and approximate fair values of securities are as follows: Amortized Gross Gross Approximate Held to Maturity Securities: September 30, 2015 Treasury bond $ 500 $ -- $ -- $ 500 The amortized cost and fair value of securities at September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 Amortized Fair Within one year $ 500 $ 500 One to five years — — Five to ten years — — After ten years — — Totals $ 500 $ 500 There were no sales of securities during the three or nine months ended September 30, 2015 and 2014. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: Loans and Allowance for Loan Losses Categories of loans include: September 30, 2015 December 31, 2014 Real Estate One-to four-family $ 43,008 $ 44,316 Home Equity 6,897 6,645 Commercial mortgage loans Commercial real estate 174,044 153,705 Multifamily 58,961 61,204 Land 13,014 10,060 Construction 13,966 21,673 Commercial Non-mortgage 14,806 14,717 Consumer 1,216 1,142 Total loans 325,912 313,462 Less Net deferred loan costs, premiums and discounts 570 555 Undisbursed portion of loan 9,041 8,454 Allowance for loan losses 9,482 7,976 Net Loans $ 306,819 $ 296,477 The risk characteristics of each loan portfolio segment are as follows: 1-4 Family, Home Equity, and Consumer With respect to residential loans that are secured by one-to four-family residences and are primarily owner-occupied, we generally establish a maximum loan-to-value ratio and require PMI if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in one-to four-family residences, and consumer loans are typically secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Home equity loans secured by second mortgages have greater risk than one- to four-family residential mortgage loans secured by first mortgages. We face the risk that the collateral will be insufficient to compensate us for loan losses and costs of foreclosure. When customers default on their loans, we attempt to foreclose on the property and resell the property as soon as possible to minimize foreclosure and carrying costs. However, the value of the collateral may not be sufficient to compensate us for the amount of the unpaid loan and we may be unsuccessful in recovering the remaining balance from those customers. Particularly with respect to our home equity loans, decreases in real estate values could adversely affect the value of property used as collateral for our loans. Consumer and other loans generally have greater risk compared to longer-term loans secured by improved, owner-occupied real estate, particularly consumer loans that are secured by rapidly depreciable assets, such as automobiles. In these cases, any repossessed collateral for a defaulted loan may not provide an adequate source of repayment of the outstanding loan balance. As a result, consumer loan collections are dependent on the borrower’s continuing financial stability and thus are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Commercial real estate and multifamily Commercial real estate and multifamily loans generally have greater credit risk than the owner-occupied one- to four-family residential mortgage loans that we originate for retention in our loan portfolio. Repayment of these loans generally depends, in large part, on sufficient income from the property securing the loan or the borrower’s business to cover operating expenses and debt service. These types of loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential mortgage loans. Changes in economic conditions that are beyond the control of the borrower may affect the value of the security for the loan, the future cash flow of the affected property or business, or the marketability of a construction project with respect to loans originated for the acquisition and development of property. Additionally, due to declining property values in our primary market area and in Michigan, the loan to value ratios of many of our commercial real estate and multifamily loans have increased significantly from the loan to value ratios that were assigned to these loans at the time of origination. Land Land loans generally have greater credit risk than the owner-occupied one-to four-family residential mortgage loans that we originate for retention in our portfolio. Repayment of these loans generally depends, in large part, on the sale of the land. The sale of land can either take place when the land is undeveloped, or developed. Generally, other cash flow sources of the borrower are utilized to make additional payments on land loans. Changes in economic conditions that are beyond the control of the borrower may affect the value of the security for the loan, the future cash flow of the affected property or business, or the marketability of a construction project with respect to loans originated for the acquisition and development of property. Additionally, due to declining property values in our primary market area and in Michigan, the loan to value ratios of many of our land loans have increased significantly from the loan to value ratios that were assigned to these loans at the time of origination. Construction Construction loans include those for one- to four-family residential properties and commercial properties, including multifamily loans and commercial “mixed-use” buildings and homes built by developers on speculation. With respect to construction loans for one- to four-family residential properties and which are primarily owner-occupied, we generally establish a maximum loan-to-value ratio and require PMI if that ratio is exceeded. These are generally “interest-only” loans during the construction period which typically does not exceed nine months. Construction loans for commercial real estate are made in accordance with a schedule reflecting the cost of construction, and are generally limited to a 75% loan-to-completed appraised value ratio. For all construction loans, we generally require that a commitment for permanent financing be in place prior to closing the construction loan Repayment of one-to four-family residential property loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment of commercial property loans and homes built by developers on speculation is normally expected from the property’s eventual rental income, income from the borrower’s operations, the personal resources of the guarantor, or the sale of the subject property. Generally, before making a commitment to fund a construction loan, we require an appraisal of the property by a state-certified or state-licensed appraiser. We generally review and inspect properties before disbursement of funds during the term of the construction loan. Construction financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions. If the estimate of construction cost is inaccurate, we may be required to advance additional funds beyond the amount originally committed in order to protect the value of the property. Moreover, if the estimated value of the completed project is inaccurate, the borrower may hold a property with a value that is insufficient to assure full repayment of the construction loan upon the sale of the property. Construction loans also expose us to the risk that improvements will not be completed on time in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. Commercial non-mortgage Commercial non-mortgage loans generally have a greater credit risk than residential mortgage loans. Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial non-mortgage loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial non-mortgage loans may be substantially dependent on the success of the business itself. Further, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. In determining the appropriate level of allowance for loan loss, we analyze various components of our portfolio. The following components are analyzed: all substandard loans on an individual basis; all loans that are designated special mention or closely monitored; loans not classified according to purpose or collateral type; and overdrawn deposit account balances. We also factor in historical loss experience and qualitative considerations, including trends in charge offs and recoveries; trends in delinquencies and impaired/classified loans; effects of credit concentrations; changes in underwriting standards and loan review system; experience in lending staff; current industry conditions; and current market conditions. In instances where risk and loss exposure is clearly identified with a particular asset, the asset or a portion of the asset will be charged off. The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of September 30, 2015, December 31, 2014 and September 30, 2014: Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of September 30, 2015 Allowance for loan losses: Balance, beginning of period $ 881 $ 100 $ 3,573 $ 1,391 $ 1,205 $ 539 $ 269 $ 18 $ 7,976 Provision charged to expense 220 24 (85 ) 22 366 52 49 2 650 Losses charged off (45 ) - - - - - - (1 ) (46 ) Recoveries 28 - 864 - 7 - - 3 902 Balance, end of period $ 1,084 $ 124 $ 4,352 $ 1,413 $ 1,578 $ 591 $ 318 $ 22 $ 9,482 Ending Balance: individually evaluated for impairment $ 150 $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,300 Ending balance: collectively evaluated for impairment $ 934 $ 124 $ 4,152 $ 1,313 $ 728 $ 591 $ 318 $ 22 $ 8,182 Loans: Ending Balance $ 43,008 $ 6,897 $ 174,044 $ 58,961 $ 13,014 $ 13,966 $ 14,806 $ 1,216 $ 325,912 Ending Balance: individually evaluated for impairment $ 2,293 $ - $ 12,558 $ 7,956 $ 2,507 $ - $ 308 $ - $ 25,622 Ending balance: collectively evaluated for impairment $ 40,715 $ 6,897 $ 161,486 $ 51,005 $ 10,507 $ 13,966 $ 14,498 $ 1,216 $ 300,290 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Quarter to date analysis as of September 30, 2015 Allowance for loan losses: Balance, beginning of period $ 1,000 $ 112 $ 4,291 $ 1,522 $ 1,289 $ 622 $ 317 $ 23 $ 9,176 Provision charged to expense 78 12 (87 ) (109 ) 288 (31 ) 1 (2 ) 150 Losses charged off - - - - - - - - - Recoveries 6 - 148 - 1 - - 1 156 Balance, end of period $ 1,084 $ 124 $ 4,352 $ 1,413 $ 1,578 $ 591 $ 318 $ 22 $ 9,482 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commerical Non-Mortage Consumer Total Year to date analysis as of December 31, 2014 Allowance for loan losses: Balance, beginning of period $ 1,354 $ 251 $ 2,861 $ 1,514 $ 1,145 $ 285 $ 157 $ 30 $ 7,597 Provision charged to expense (475 ) (151 ) 702 (123 ) (33 ) 1,004 112 (16 ) 1,020 Losses charged off (55 ) - - - - (750 ) - (1 ) (806 ) Recoveries 57 - 10 - 93 - - 5 165 Balance, end of period $ 881 $ 100 $ 3,573 $ 1,391 $ 1,205 $ 539 $ 269 $ 18 $ 7,976 Ending Balance: individually evaluated for impairment $ - $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,150 Ending balance: collectively evaluted for impairment $ 881 $ 100 $ 3,373 $ 1,291 $ 355 $ 539 $ 269 $ 18 $ 6,826 Loans: Ending Balance $ 44,316 $ 6,645 $ 153,705 $ 61,204 $ 10,060 $ 21,673 $ 14,717 $ 1,142 $ 313,462 Ending Balance: individually evaluated for impairment $ 1,645 $ 63 $ 8,956 $ 8,192 $ 3,224 $ 5,349 $ 351 $ - $ 27,780 Ending balance: collectively evaluted for impairment $ 42,671 $ 6,582 $ 144,749 $ 53,012 $ 6,836 $ 16,324 $ 14,366 $ 1,142 $ 285,682 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of September 30, 2014 Allowance for loan losses: Balance, beginning of period $ 1,354 $ 251 $ 2,861 $ 1,514 $ 1,145 $ 285 $ 157 $ 30 $ 7,597 Provision charged to expense (440 ) (122 ) 321 (134 ) 248 779 158 (15 ) 795 Losses charged off (55 ) - - - - - - (1 ) (56 ) Recoveries 51 - 9 - 93 - - 4 157 Balance, end of period $ 910 $ 129 $ 3,191 $ 1,380 $ 1,486 $ 1,064 $ 315 $ 18 $ 8,493 Ending Balance: individually evaluated for impairment $ - $ - $ 200 $ 100 $ 850 $ 750 $ - $ - $ 1,900 Ending balance: collectively evaluated for impairment $ 910 $ 129 $ 2,991 $ 1,280 $ 636 $ 314 $ 315 $ 18 $ 6,593 Loans: Ending Balance $ 45,959 $ 6,991 $ 149,929 $ 61,017 $ 10,257 $ 23,291 $ 15,344 $ 1,132 $ 313,920 Ending Balance: individually evaluated for impairment $ 1,615 $ 63 $ 9,312 $ 8,257 $ 3,455 $ 5,349 $ 363 $ - $ 28,414 Ending balance: collectively evaluated for impairment $ 44,344 $ 6,928 $ 140,617 $ 52,760 $ 6,802 $ 17,942 $ 14,981 $ 1,132 $ 285,506 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Quarter to date analysis as of September 30, 2014 Allowance for loan losses: Balance, beginning of period $ 987 $ 154 $ 3,179 $ 1,333 $ 1,377 $ 808 $ 253 $ 17 $ 8,108 Provision charged to expense (77 ) (25 ) 10 47 27 256 62 - 300 Losses charged off (25 ) - - - - - - - (25 ) Recoveries 25 - 2 - 82 - - 1 110 Balance, end of period $ 910 $ 129 $ 3,191 $ 1,380 $ 1,486 $ 1,064 $ 315 $ 18 $ 8,493 Consistent with regulatory guidance, charge offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. Our policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except one-to-four family residential loans and consumer loans, we promptly charge off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. We charge off one-to-four family residential and consumer loans, or portions thereof, when we reasonably determine the amount of the loss. We adhere to timeframes established by applicable regulatory guidance which provides for the charge off of one-to-four family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 180 days past due, charge off of unsecured open-end loans when the loan is 180 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which we can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. 1-4 Family Home Equity Commercial Real Estate Multifamily 2015 2014 2015 2014 2015 2014 2015 2014 Pass $ 39,604 $ 40,253 $ 6,897 $ 6,645 $ 141,388 $ 131,833 $ 45,972 $ 47,308 Pass (Closely Monitored) 2,138 2,446 - - 19,793 10,446 8,506 9,244 Special Mention 227 413 - - 847 2,383 - - Substandard 1,039 1,204 - - 12,016 9,043 4,483 4,652 Doubtful - - - - - - - - Loss - - - - - - - - $ 43,008 $ 44,316 $ 6,897 $ 6,645 $ 174,044 $ 153,705 $ 58,961 $ 61,204 Land Construction Commercial Non-Mortgage Consumer Total 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Pass $ 8,839 $ 5,160 $ 13,966 $ 18,213 $ 9,505 $ 14,023 $ 1,216 $ 1,142 $ 267,387 $ 264,577 Pass (Closely Monitored) 2,010 2,156 - - 4,993 343 - - 37,440 24,635 Special Mention - - - - - 19 - - 1,074 2,815 Substandard 2,165 2,744 - 3,460 308 332 - - 20,011 21,435 Doubtful - - - - - - - - - - Loss - - - - - - - - - - $ 13,014 $ 10,060 $ 13,966 $ 21,673 $ 14,806 $ 14,717 $ 1,216 $ 1,142 $ 325,912 $ 313,462 The Pass asset quality rating encompasses assets that have performed as expected. These assets generally do not have delinquency or servicing issues. Loans assigned this rating include loans to borrowers possessing solid credit quality with acceptable risk. Borrowers in these grades are differentiated from higher grades on the basis of size (capital and/or revenue), leverage, asset quality, stability of the industry or specific market area and quality/coverage of collateral. These borrowers generally have a history of consistent earnings and reasonable leverage. The Closely Monitored asset quality rating encompasses assets that have been brought to the attention of management and may, if not corrected, warrant a more serious quality rating by management. These assets are usually in the first phase of a deficiency situation and may possess similar criteria as Special Mention assets. This grade includes loans to borrowers which require special monitoring because of deteriorating financial results, declining credit ratings, decreasing cash flow, increasing leverage, marginal collateral coverage or industry stress that has resulted or may result in a changing overall risk profile. The Substandard asset quality rating encompasses assets that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any; assets having a well-defined weakness(es) based upon objective evidence; assets characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected; or the possibility that liquidation will not be timely. Loans categorized in this grade possess a well-defined credit weakness and the likelihood of repayment from the primary source is uncertain. Significant financial deterioration has occurred and very close attention is warranted to ensure the full repayment without loss. Collateral coverage may be marginal and the accrual of interest has been suspended. The Doubtful asset quality rating encompasses assets that have all of the weaknesses of those classified as Substandard. In addition, these weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The Loss asset quality rating encompasses assets that are considered uncollectible and of such little value that their continuance as assets of the Bank is not warranted. A loss classification does not mean that an asset has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be realized in the future. The following table is a summary of our past due and non-accrual loans as of September 30, 2015 and December 31, 2014: As of September 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 251 $ - $ 101 $ 352 $ 42,656 $ 43,008 $ - $ 101 Home Equity - - - - 6,897 6,897 - - Commercial Real Estate 3,885 691 - 4,576 169,468 174,044 - 5,361 Multifamily - - - - 58,961 58,961 - - Land - - 2,237 2,237 10,777 13,014 - 2,041 Construction - - - - 13,966 13,966 - - Commercial Non-Mortgage - - - - 14,806 14,806 - - Consumer - - - - 1,216 1,216 - - Total $ 4,136 $ 691 $ 2,338 $ 7,165 $ 318,747 $ 325,912 $ - $ 7,503 As of December 31, 2014 : 30-59 Day s Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 334 $ 152 $ 107 $ 593 $ 43,723 $ 44,316 $ — $ 107 Home Equity — — — — 6,645 6,645 — — Commercial Real Estate 818 634 649 2,101 151,604 153,705 — 1,339 Multifamily — — — — 61,204 61,204 — — Land — — 2,700 2,700 7,360 10,060 — 2,700 Construction 3,960 — — 3,960 17,713 21,673 — 3,960 Commercial Non-Mortgage — — 19 19 14,698 14,717 — 19 Consumer — — — —– 1,142 1,142 — — Total $ 5,112 $ 786 $ 3,475 $ 9,373 $ 304,089 $ 313,462 $ — $ 8,125 Nonaccrual Loan and Past Due Loans. The accrual of interest is discontinued on all loan classes at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. Subsequent payments on non-accrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. We generally require a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable we will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include non-performing commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. Interest income on loans individually classified as impaired is recognized on a cash basis after all past due and current principal payments have been made. Recorded Unpaid Specific QTD Average YTD Average QTD Interest YTD Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 1,155 $ 1,286 $ - $ 1,390 $ 1,398 $ 16 $ 52 Home Equity - - - 20 31 - - Commercial real estate 10,064 11,888 - 10,706 10,865 79 199 Multi Family 6,654 7,468 - 6,718 6,750 117 279 Land 467 739 - 481 492 7 21 Construction - 2 - - 1,783 - - Commercial Non-Mortgage - - - - 5 - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ 1,138 $ 1,138 $ 150 $ 498 $ 148 $ 1 $ 7 Home Equity - - - - - - - Commercial real estate 2,494 2,494 200 2,543 2,639 43 134 Multi Family 1,302 1,302 100 1,328 1,332 21 61 Land 2,040 3,811 850 2,205 2,329 - - Construction - - - - - - - Commercial Non-Mortgage 308 308 - 317 321 5 17 Consumer - - - - - - - Totals 1-4 Family $ 2,293 $ 2,424 $ 150 $ 1,888 $ 1,546 $ 17 $ 59 Home Equity - - - 20 31 - - Commercial real estate 12,558 14,382 200 13,249 13,504 122 333 Multi Family 7,956 8,770 100 8,046 8,082 138 340 Land 2,507 4,550 850 2,686 2,821 7 21 Construction - 2 - - 1,783 - - Commercial Non-Mortgage 308 308 - 317 326 5 17 Consumer - - - - - - - Total $ 25,622 $ 30,436 $ 1,300 $ 26,206 $ 28,093 $ 289 $ 770 The following table presents impaired loans at December 31, 2014: Recorded Balance Unpaid Principal Balance Specific Allowance YTD Average Balance YTD Interest Income Loans without a specific valuation allowance 1-4 Family $ 1,467 $ 1,643 $ - $ 1,472 $ 77 Home Equity 63 63 - 65 2 Commercial Real Estate 6,029 8,309 - 6,680 323 Multifamily 6,847 7,661 - 6,941 392 Land 524 805 - 504 4 Construction 5,349 4,712 - 3,664 57 Commercial Non-Mortgage 19 19 - 137 5 Consumer - - - - - Loans with a specific valuation allowance 1-4 Family $ 178 $ 178 $ - $ 180 $ 8 Home Equity - - - - - Commercial Real Estate 2,927 2,927 200 3,000 200 Multifamily 1,345 1,345 100 1,355 83 Land 2,700 4,060 850 3,044 1 Construction - - - 2,674 107 Commercial Non-Mortgage 332 332 - 343 18 Consumer - - - - - Totals 1-4 Family $ 1,645 $ 1,821 $ - $ 1,652 $ 85 Home Equity 63 63 - 65 2 Commercial Real Estate 8,956 11,236 200 9,680 523 Multifamily 8,192 9,006 100 8,296 475 Land 3,224 4,865 850 3,548 5 Construction 5,349 4,712 - 6,338 164 Commercial Non-Mortgage 351 351 - 480 23 Consumer - - - - - Total $ 27,780 $ 32,054 $ 1,150 $ 30,059 $ 1,277 The following table presents impaired loans at September 30, 2014: Recorded Balance Unpaid Principal Balance Specific Allowance QTD Average Balance YTD Average Balance QTD Interest Income YTD Interest Income Loans without a specific valuation allowance 1-4 Family $ 1.436 $ 1,680 $ - $ 1,453 $ 1,474 $ 22 $ 58 Home Equity 63 63 - 64 64 - 1 Commercial Real Estate 6,294 8,561 - 6,778 7,499 60 235 Multifamily 6,912 7,726 - 6,942 7,034 85 290 Land 529 809 - 612 912 1 3 Construction - 1 - - - - - Commercial Non-Mortgage 23 23 - 137 245 - 5 Consumer - - - - - - - Loans with a specific valuation allowance 1-4 Family 179 179 - 179 180 2 7 Home Equity - - - - - - - Commercial Real Estate 3,018 3,018 200 3,038 3,025 50 151 Multifamily 1,345 1,345 100 1,345 1,355 21 62 Land 2,926 4,285 850 3,192 3,159 - 1 Construction 5,349 5,349 750 5,349 3,566 44 107 Commercial Non-Mortgage 340 339 - 345 346 4 13 Consumer - - - - - - - Total 1-4 Family $ 1,615 $ 1,859 $ - $ 1,632 $ 1,654 $ 24 $ 65 Home Equity 63 63 - 64 64 - 1 Commercial Real Estate 9,312 11,579 200 9,816 10,524 110 386 Multifamily 8,257 9,071 100 8,287 8,389 106 352 Land 3,455 5,094 850 3,804 4,071 1 4 Construction 5,349 5,350 750 5,349 3,566 44 107 Commercial Non-Mortgage 363 362 - 482 591 4 18 Consumer - - - - - - - Total $ 28,414 $ 33,378 $ 1,900 $ 29,434 $ 28,859 $ 289 $ 933 Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assumed, in which case interest is recognized on a cash basis and is reasonable compared to interest income noted above. Troubled Debt Restructuring (TDR) We may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that we would not otherwise consider resulting in a modified loan which is then identified as a troubled debt restructuring. We may modify loans through rate reductions, short-term extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. We identify loans for potential restructure primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. For one-to-four family residential and home equity lines of credit, a restructure often occurs with past due loans and may be offered as an alternative to foreclosure. There are other situations where borrowers, who are not past due, experience a sudden job loss, become over-extended with credit obligations, or other problems, have indicated that they will be unable to make the required monthly payment and request payment relief. When considering a loan restructure, management will determine if: (i) the financial distress is short or long term; (ii) loan concessions are necessary; and (iii) the restructure is a viable solution. When a loan is restructured, the new terms often require a reduced monthly debt service payment. No TDRs that were on non-accrual status at the time the concessions were granted have been returned to accrual status. For commercial loans, management completes an analysis of the operating entity’s ability to repay the debt. If the operating entity is capable of servicing the new debt service requirements and the underlying collateral value is believed to be sufficient to repay the debt in the event of a future default, the new loan can be placed on accrual status after six months of performance with the new loan terms. To date, there have been no commercial loans restructured and immediately placed on accrual status after the execution of the TDR. For retail loans, an analysis of the individual’s ability to service the new required payments is performed. If the borrower is capable of servicing the newly restructured debt and the underlying collateral value is believed to be sufficient to repay the debt in the event of a future default, the new loan can be placed on accrual status after six months of performance to the new loan terms. The reason for the TDR is also considered, such as paying past due real estate taxes or payments caused by a temporary job loss, when determining whether a retail TDR loan could be returned to accrual status. Retail TDRs remain on nonaccrual status until sufficient payments have been made to bring the past due principal and interest current and/or after six months of performance to the new loan terms at which point the loan could be transferred to accrual status. The following table summarizes the loans that were restructured as TDRs during the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Count Balance prior to TDR Balance after TDR Count Balance prior to TDR Balance after TDR (Dollars in Thousands) Commercial Real Estate - $ - $ - 2 $ 745 $ 745 Both of the commercial real estate TDRs in 2015 were modified with rate reductions and term extensions. We had no TDRs that had payment defaults during the nine months ended September 2015. Default occurs when a TDR is 90 days or more past due, transferred to nonaccrual status, or transferred to other real estate owned within twelve months of restructuring. Management monitors the TDRs based on the type of modification or concession granted to the borrower. These types of modifications may include rate reductions, payment/term extensions, forgiveness of principal, forbearance, and other applicable actions. Management predominantly utilizes rate reductions and lower monthly payments, either from a longer amortization period or interest only repayment schedule, because these concessions provide needed payment relief without risking the loss of principal. Management will also agree to a forbearance agreement when it is deemed appropriate to avoid foreclosure. The following table summarizes the loans that were restructured as TDRs during the three and nine months ended September 30, 2014: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Count Balance prior to TDR Balance after TDR Count Balanc e prior to TDR Balance after TDR (Dollars in Thousands) Commercial Real Estate - $ - $ - 1 $ 900 $ 900 The commercial real estate TDR in 2014 was modified with a payment restructuring. |
Note 5 - Disclosures About Fair
Note 5 - Disclosures About Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 5: Disclosures About Fair Value of Assets and Liabilities ASC Topic 820, Fair Value Measurements Level 1 Level 2 Level 3 Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets under the valuation hierarchy. We have no assets or liabilities measured at fair value on a recurring basis and no liabilities measured at fair value on a nonrecurring basis. Nonrecurring Measurements The following table presents the fair value measurements of assets recognized in the accompanying condensed consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 and December 31, 2014. Fair Value Measurements Using Fair Quoted Prices Significant Significant September 30, 2015 Collateral-dependent Impaired loans $ 1,078 $ -- $ -- $ 1,078 December 31, 2014 Collateral-dependent Impaired loans $ 3,822 $ – $ – $ 3,822 Collateral-dependent Impaired Loans The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or an evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent or subsequently as deemed necessary and approved by management. Appraisals are reviewed for accuracy and consistency by the Credit Analysis department. Typically, appraisers are selected from the list of approved appraisers maintained by the Underwriting department. The appraised values may be reduced by discounts to consider a lack of marketability or estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Credit Analysis department and approved by management. Unobservable (Level 3) inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than good will at September 30, 2015 and December 31, 2014. Collateral-dependent Impaired Loans Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) As of September 30, 2015 Collateral-dependent impaired loans $ 1,078 Market comparable properties Marketability discount (20)% As of December 31, 2014 Collateral-dependent impaired loans $ 3,822 Market comparable properties Marketability discount 6% - 38% (7%) Fair Value of Financial Instruments The following table presents estimated fair values of our financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value at the individual dates. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, we do not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. Fair Value Measurements Using As of September 30, 2015 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 11,562 $ 11,562 $ - $ - Interest-earning time deposits 13,223 13,223 - - Held to maturity securities 500 - 500 - Loans held for sale 1,509 - 1,511 - Loans, net of allowance for loan losses 306,819 - - 310,750 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 831 - 831 - Financial liabilities Deposits $ 231,050 $ 119,470 $ - $ 113,398 Federal Home Loan Bank advances 47,000 - 47,396 - Interest payable 205 - 205 - Fair Value Measurements Using Carrying Amount Quoted Prices Significant Significant As of December 31, 2014 Financial assets Cash and cash equivalents $ 29,686 $ 29,686 $ – $ – Interest-earning time deposits – – – – Loans held for sale 570 – 570 – Loans, net of allowance for loan losses 296,477 – – 299,514 Federal Home Loan Bank stock 2,500 – 2,500 – Interest receivable 777 – 777 – Financial liabilities Deposits $ 223,529 $ 114,418 $ –- $ 110,560 Federal Home Loan Bank advances 50,000 – 50,567 – Interest payable 157 – 157 – The following methods and assumptions were used to estimate the fair value of all other financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value. Cash and Cash Equivalents, Interest-Earning Time Deposits, Federal Home Loan Bank Stock, Interest Receivable, and Interest Payable The carrying amount approximates fair value. Held to Maturity Securities Fair values equal quoted market prices, if available. If quoted market prices are not available, fair value is estimated based on quoted market prices of similar securities. Loans Held for Sale Fair value of loans held for sale is estimated by discounting the future cash flows using the market rates at which similar loans would be made to borrowers with similar remaining maturities. Loans The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. Deposits Deposits include demand deposits, savings accounts, checking accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank Advances Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. Commitments to Originate Loans, Letters of Credit and Lines of Credit Loan commitments and letters-of-credit generally have short-term, variable rate features and contain clauses which limit our exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 6: Earnings Per Share (In thousands except per share amounts) Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares computed using the treasury stock method. Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common stock in undistributed earnings for purposes of computing EPS. Accordingly, the Company is required to calculate basic and diluted EPS using the two-class method. Restricted stock awards granted by the Company are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities. Unearned ESOP shares, which are not vested and unvested restricted stock awards are excluded from the computation of average shares outstanding. Earnings per share analysis for three months ended September 30, 2015 and 2014 is as follows (dollars in thousands, except per share data): Three months ended September 30, 2015 Three months ended September 30, 2014 Net Income $ 915 $ 749 Income allocated to participating securities (18 ) (19 ) Income attributable to common shareholders 897 730 Weighted average shares outstanding (in thousands) 2,202 2,276 Less: average unearned ESOP and unvested restricted stock (207 ) (224 ) Average Shares 1,995 2,052 Effect of diluted based awards 23 12 Average common and common-equivalent shares for diluted EPS (in thousands) 2,018 2,064 Basic EPS $ 0.45 $ 0.36 Diluted EPS $ 0.44 $ 0.35 Nine months ended September 30, 2015 and 2014 is as follows (dollars in thousands, except per share data): Nine months ended September 30, 2015 Nine months ended September 30, 2014 Net Income $ 2,385 $ 1,534 Income allocated to participating securities (46 ) (38 ) Income attributable to common shareholders 2,339 1,496 Weighted average shares outstanding (in thousands) 2,210 2,276 Less: average unearned ESOP and unvested restricted stock (207 ) (224 ) Average Shares 2,003 2,052 Effect of diluted based awards 23 12 Average common and common-equivalent shares for diluted EPS (in thousands) 2,026 2,064 Basic EPS $ 1.17 $ 0.73 Diluted EPS $ 1.15 $ 0.72 |
Note 7 - Share-Based Compensati
Note 7 - Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7: Share-Based Compensation In May 2013, the Company’s stockholders approved the Wolverine Bancorp, Inc. 2013 Equity Incentive Plan (“Plan”) which provides for awards of stock options and restricted stock to key officers and outside directors. The cost of the Plan is based on the fair value of the awards on the grant date. The fair value of restricted stock awards is based on the closing price of the Company’s stock on the grant date. The fair value of stock options is estimated using a Black-Scholes option pricing model using assumptions for dividend yield, stock price volatility, risk-free interest rate, and option term. These assumptions are based on management’s judgments regarding future events, are subjective in nature, and contain uncertainties inherent in an estimate. The cost of the awards are being recognized on a straight-line basis over the five-year vesting period during which participants are required to provide services in exchange for the awards. Until such time as awards of stock are granted and vest or options are exercised, shares of the Company’s common stock under the Plan shall be authorized but unissued shares. The maximum number of shares authorized under the plan is 351,050. Total share-based compensation expense for the nine months ended September 30, 2015 and 2014 was $238 and $235 respectively. Total shared-based compensation expense for the three months ended September 30, 2015 and 2014 was $81 and $79 respectively. Stock Options The table below presents the stock option activity for the period shown : Options Weighted average exercis e price Remaining contractual life (years) Aggregate intrinsic value Options outstanding at January 1, 2015 121,449 $ 17.45 8 $ 789 Granted 2,000 26.65 10 -- Exercised -- -- -- -- Forfeited -- -- -- -- Expired -- -- -- -- Options outstanding at September 30, 2015 123,449 $ 17.54 8 $ 992 Exercisable at September 30, 2015 71,912 $ 17.35 7 $ 592 The weighted average grant date fair value of the options award in 2015 was $6. As of September 30, 2015, the Company had $124 of unrecognized compensation expense related to stock options. Stock option expense for the three and nine months ended September 30, 2015 was $16 and $46 respectively. Stock option expense for the three and nine months ended September 30, 2014 was $17 and $47 respectively. The fair value of the Company’s stock options granted on May 30, 2015 was determined using the Black-Scholes option pricing formula. The following assumptions were used in the formula: Expected volatility 17.29 % Risk-free interest rate 2.00 % Expected dividend yield 3.43 % Expected life (in years) 7.50 Exercise price for the stock options $ 26.65 Expected volatility — Based on the historical volatility of share price. Risk-free interest rate — Based on the U.S. Treasury yield curve and expected life of the options at the time of grant. Expected dividend yield — The Company currently does not pay a dividend; therefore, the expected dividend yield was estimated for the portion of the life of the options that the Company expects to pay a dividend. Expected life — Based on an average of the five-year vesting period and the ten-year contractual term of the stock option plan. Exercise price for the stock options — Based on the closing price of the Company’s stock on the date of grant. Restricted Stock Awards Restricted stock awards are accounted for as fixed grants using the fair value of the Company’s stock at the time of grant. Unvested restricted stock awards may not be disposed of or transferred during the vesting period. Restricted stock awards carry with them the right to receive dividends. The table below presents the restricted stock award activity for the period shown: As of September 30, 2015, the Company had $536 of unrecognized compensation expense related to restricted stock awards. The cost of the restricted stock awards will be amortized in monthly installments over the five-year vesting period. Restricted stock expense for three and nine months ended September 30, 2015 was $66 and $192 respectively. Restricted stock expense for the three and nine months ended September 30, 2014 was $59 and $188, respectively. Service-Based Restricted stock awards Weighted average grant date fair value Non-vested at January 1, 2015 43,974 $ 17.44 Granted 2,000 26.65 Vested 14,440 17.39 Forfeited - - Non-vested at September 30, 2015 31,534 $ 18.07 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Held-to-maturity Securities [Table Text Block] | Amortized Gross Gross Approximate Held to Maturity Securities: September 30, 2015 Treasury bond $ 500 $ -- $ -- $ 500 |
Summary of Contractual Maturity Information for Securities Held to Maturity [Table Text Block] | September 30, 2015 Amortized Fair Within one year $ 500 $ 500 One to five years — — Five to ten years — — After ten years — — Totals $ 500 $ 500 |
Note 4 - Loans and Allowance 16
Note 4 - Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2015 December 31, 2014 Real Estate One-to four-family $ 43,008 $ 44,316 Home Equity 6,897 6,645 Commercial mortgage loans Commercial real estate 174,044 153,705 Multifamily 58,961 61,204 Land 13,014 10,060 Construction 13,966 21,673 Commercial Non-mortgage 14,806 14,717 Consumer 1,216 1,142 Total loans 325,912 313,462 Less Net deferred loan costs, premiums and discounts 570 555 Undisbursed portion of loan 9,041 8,454 Allowance for loan losses 9,482 7,976 Net Loans $ 306,819 $ 296,477 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of September 30, 2015 Allowance for loan losses: Balance, beginning of period $ 881 $ 100 $ 3,573 $ 1,391 $ 1,205 $ 539 $ 269 $ 18 $ 7,976 Provision charged to expense 220 24 (85 ) 22 366 52 49 2 650 Losses charged off (45 ) - - - - - - (1 ) (46 ) Recoveries 28 - 864 - 7 - - 3 902 Balance, end of period $ 1,084 $ 124 $ 4,352 $ 1,413 $ 1,578 $ 591 $ 318 $ 22 $ 9,482 Ending Balance: individually evaluated for impairment $ 150 $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,300 Ending balance: collectively evaluated for impairment $ 934 $ 124 $ 4,152 $ 1,313 $ 728 $ 591 $ 318 $ 22 $ 8,182 Loans: Ending Balance $ 43,008 $ 6,897 $ 174,044 $ 58,961 $ 13,014 $ 13,966 $ 14,806 $ 1,216 $ 325,912 Ending Balance: individually evaluated for impairment $ 2,293 $ - $ 12,558 $ 7,956 $ 2,507 $ - $ 308 $ - $ 25,622 Ending balance: collectively evaluated for impairment $ 40,715 $ 6,897 $ 161,486 $ 51,005 $ 10,507 $ 13,966 $ 14,498 $ 1,216 $ 300,290 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Quarter to date analysis as of September 30, 2015 Allowance for loan losses: Balance, beginning of period $ 1,000 $ 112 $ 4,291 $ 1,522 $ 1,289 $ 622 $ 317 $ 23 $ 9,176 Provision charged to expense 78 12 (87 ) (109 ) 288 (31 ) 1 (2 ) 150 Losses charged off - - - - - - - - - Recoveries 6 - 148 - 1 - - 1 156 Balance, end of period $ 1,084 $ 124 $ 4,352 $ 1,413 $ 1,578 $ 591 $ 318 $ 22 $ 9,482 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commerical Non-Mortage Consumer Total Year to date analysis as of December 31, 2014 Allowance for loan losses: Balance, beginning of period $ 1,354 $ 251 $ 2,861 $ 1,514 $ 1,145 $ 285 $ 157 $ 30 $ 7,597 Provision charged to expense (475 ) (151 ) 702 (123 ) (33 ) 1,004 112 (16 ) 1,020 Losses charged off (55 ) - - - - (750 ) - (1 ) (806 ) Recoveries 57 - 10 - 93 - - 5 165 Balance, end of period $ 881 $ 100 $ 3,573 $ 1,391 $ 1,205 $ 539 $ 269 $ 18 $ 7,976 Ending Balance: individually evaluated for impairment $ - $ - $ 200 $ 100 $ 850 $ - $ - $ - $ 1,150 Ending balance: collectively evaluted for impairment $ 881 $ 100 $ 3,373 $ 1,291 $ 355 $ 539 $ 269 $ 18 $ 6,826 Loans: Ending Balance $ 44,316 $ 6,645 $ 153,705 $ 61,204 $ 10,060 $ 21,673 $ 14,717 $ 1,142 $ 313,462 Ending Balance: individually evaluated for impairment $ 1,645 $ 63 $ 8,956 $ 8,192 $ 3,224 $ 5,349 $ 351 $ - $ 27,780 Ending balance: collectively evaluted for impairment $ 42,671 $ 6,582 $ 144,749 $ 53,012 $ 6,836 $ 16,324 $ 14,366 $ 1,142 $ 285,682 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Year to date analysis as of September 30, 2014 Allowance for loan losses: Balance, beginning of period $ 1,354 $ 251 $ 2,861 $ 1,514 $ 1,145 $ 285 $ 157 $ 30 $ 7,597 Provision charged to expense (440 ) (122 ) 321 (134 ) 248 779 158 (15 ) 795 Losses charged off (55 ) - - - - - - (1 ) (56 ) Recoveries 51 - 9 - 93 - - 4 157 Balance, end of period $ 910 $ 129 $ 3,191 $ 1,380 $ 1,486 $ 1,064 $ 315 $ 18 $ 8,493 Ending Balance: individually evaluated for impairment $ - $ - $ 200 $ 100 $ 850 $ 750 $ - $ - $ 1,900 Ending balance: collectively evaluated for impairment $ 910 $ 129 $ 2,991 $ 1,280 $ 636 $ 314 $ 315 $ 18 $ 6,593 Loans: Ending Balance $ 45,959 $ 6,991 $ 149,929 $ 61,017 $ 10,257 $ 23,291 $ 15,344 $ 1,132 $ 313,920 Ending Balance: individually evaluated for impairment $ 1,615 $ 63 $ 9,312 $ 8,257 $ 3,455 $ 5,349 $ 363 $ - $ 28,414 Ending balance: collectively evaluated for impairment $ 44,344 $ 6,928 $ 140,617 $ 52,760 $ 6,802 $ 17,942 $ 14,981 $ 1,132 $ 285,506 Loan Class 1-4 Family Home Equity Commercial Real Estate Multifamily Land Construction Commercial Non-Mortgage Consumer Total Quarter to date analysis as of September 30, 2014 Allowance for loan losses: Balance, beginning of period $ 987 $ 154 $ 3,179 $ 1,333 $ 1,377 $ 808 $ 253 $ 17 $ 8,108 Provision charged to expense (77 ) (25 ) 10 47 27 256 62 - 300 Losses charged off (25 ) - - - - - - - (25 ) Recoveries 25 - 2 - 82 - - 1 110 Balance, end of period $ 910 $ 129 $ 3,191 $ 1,380 $ 1,486 $ 1,064 $ 315 $ 18 $ 8,493 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 1-4 Family Home Equity Commercial Real Estate Multifamily 2015 2014 2015 2014 2015 2014 2015 2014 Pass $ 39,604 $ 40,253 $ 6,897 $ 6,645 $ 141,388 $ 131,833 $ 45,972 $ 47,308 Pass (Closely Monitored) 2,138 2,446 - - 19,793 10,446 8,506 9,244 Special Mention 227 413 - - 847 2,383 - - Substandard 1,039 1,204 - - 12,016 9,043 4,483 4,652 Doubtful - - - - - - - - Loss - - - - - - - - $ 43,008 $ 44,316 $ 6,897 $ 6,645 $ 174,044 $ 153,705 $ 58,961 $ 61,204 Land Construction Commercial Non-Mortgage Consumer Total 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Pass $ 8,839 $ 5,160 $ 13,966 $ 18,213 $ 9,505 $ 14,023 $ 1,216 $ 1,142 $ 267,387 $ 264,577 Pass (Closely Monitored) 2,010 2,156 - - 4,993 343 - - 37,440 24,635 Special Mention - - - - - 19 - - 1,074 2,815 Substandard 2,165 2,744 - 3,460 308 332 - - 20,011 21,435 Doubtful - - - - - - - - - - Loss - - - - - - - - - - $ 13,014 $ 10,060 $ 13,966 $ 21,673 $ 14,806 $ 14,717 $ 1,216 $ 1,142 $ 325,912 $ 313,462 |
Past Due Financing Receivables [Table Text Block] | As of September 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 251 $ - $ 101 $ 352 $ 42,656 $ 43,008 $ - $ 101 Home Equity - - - - 6,897 6,897 - - Commercial Real Estate 3,885 691 - 4,576 169,468 174,044 - 5,361 Multifamily - - - - 58,961 58,961 - - Land - - 2,237 2,237 10,777 13,014 - 2,041 Construction - - - - 13,966 13,966 - - Commercial Non-Mortgage - - - - 14,806 14,806 - - Consumer - - - - 1,216 1,216 - - Total $ 4,136 $ 691 $ 2,338 $ 7,165 $ 318,747 $ 325,912 $ - $ 7,503 As of December 31, 2014 : 30-59 Day s Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Total Loans >90 Days & Accruing Total Nonaccrual 1-4 Family $ 334 $ 152 $ 107 $ 593 $ 43,723 $ 44,316 $ — $ 107 Home Equity — — — — 6,645 6,645 — — Commercial Real Estate 818 634 649 2,101 151,604 153,705 — 1,339 Multifamily — — — — 61,204 61,204 — — Land — — 2,700 2,700 7,360 10,060 — 2,700 Construction 3,960 — — 3,960 17,713 21,673 — 3,960 Commercial Non-Mortgage — — 19 19 14,698 14,717 — 19 Consumer — — — —– 1,142 1,142 — — Total $ 5,112 $ 786 $ 3,475 $ 9,373 $ 304,089 $ 313,462 $ — $ 8,125 |
Impaired Financing Receivables [Table Text Block] | Recorded Unpaid Specific QTD Average YTD Average QTD Interest YTD Interest Balance Balance Allowance Balance Balance Income Income Loans without a specific valuation allowance: 1-4 Family $ 1,155 $ 1,286 $ - $ 1,390 $ 1,398 $ 16 $ 52 Home Equity - - - 20 31 - - Commercial real estate 10,064 11,888 - 10,706 10,865 79 199 Multi Family 6,654 7,468 - 6,718 6,750 117 279 Land 467 739 - 481 492 7 21 Construction - 2 - - 1,783 - - Commercial Non-Mortgage - - - - 5 - - Consumer - - - - - - - Loans with a specific valuation allowance: 1-4 Family $ 1,138 $ 1,138 $ 150 $ 498 $ 148 $ 1 $ 7 Home Equity - - - - - - - Commercial real estate 2,494 2,494 200 2,543 2,639 43 134 Multi Family 1,302 1,302 100 1,328 1,332 21 61 Land 2,040 3,811 850 2,205 2,329 - - Construction - - - - - - - Commercial Non-Mortgage 308 308 - 317 321 5 17 Consumer - - - - - - - Totals 1-4 Family $ 2,293 $ 2,424 $ 150 $ 1,888 $ 1,546 $ 17 $ 59 Home Equity - - - 20 31 - - Commercial real estate 12,558 14,382 200 13,249 13,504 122 333 Multi Family 7,956 8,770 100 8,046 8,082 138 340 Land 2,507 4,550 850 2,686 2,821 7 21 Construction - 2 - - 1,783 - - Commercial Non-Mortgage 308 308 - 317 326 5 17 Consumer - - - - - - - Total $ 25,622 $ 30,436 $ 1,300 $ 26,206 $ 28,093 $ 289 $ 770 Recorded Balance Unpaid Principal Balance Specific Allowance YTD Average Balance YTD Interest Income Loans without a specific valuation allowance 1-4 Family $ 1,467 $ 1,643 $ - $ 1,472 $ 77 Home Equity 63 63 - 65 2 Commercial Real Estate 6,029 8,309 - 6,680 323 Multifamily 6,847 7,661 - 6,941 392 Land 524 805 - 504 4 Construction 5,349 4,712 - 3,664 57 Commercial Non-Mortgage 19 19 - 137 5 Consumer - - - - - Loans with a specific valuation allowance 1-4 Family $ 178 $ 178 $ - $ 180 $ 8 Home Equity - - - - - Commercial Real Estate 2,927 2,927 200 3,000 200 Multifamily 1,345 1,345 100 1,355 83 Land 2,700 4,060 850 3,044 1 Construction - - - 2,674 107 Commercial Non-Mortgage 332 332 - 343 18 Consumer - - - - - Totals 1-4 Family $ 1,645 $ 1,821 $ - $ 1,652 $ 85 Home Equity 63 63 - 65 2 Commercial Real Estate 8,956 11,236 200 9,680 523 Multifamily 8,192 9,006 100 8,296 475 Land 3,224 4,865 850 3,548 5 Construction 5,349 4,712 - 6,338 164 Commercial Non-Mortgage 351 351 - 480 23 Consumer - - - - - Total $ 27,780 $ 32,054 $ 1,150 $ 30,059 $ 1,277 Recorded Balance Unpaid Principal Balance Specific Allowance QTD Average Balance YTD Average Balance QTD Interest Income YTD Interest Income Loans without a specific valuation allowance 1-4 Family $ 1.436 $ 1,680 $ - $ 1,453 $ 1,474 $ 22 $ 58 Home Equity 63 63 - 64 64 - 1 Commercial Real Estate 6,294 8,561 - 6,778 7,499 60 235 Multifamily 6,912 7,726 - 6,942 7,034 85 290 Land 529 809 - 612 912 1 3 Construction - 1 - - - - - Commercial Non-Mortgage 23 23 - 137 245 - 5 Consumer - - - - - - - Loans with a specific valuation allowance 1-4 Family 179 179 - 179 180 2 7 Home Equity - - - - - - - Commercial Real Estate 3,018 3,018 200 3,038 3,025 50 151 Multifamily 1,345 1,345 100 1,345 1,355 21 62 Land 2,926 4,285 850 3,192 3,159 - 1 Construction 5,349 5,349 750 5,349 3,566 44 107 Commercial Non-Mortgage 340 339 - 345 346 4 13 Consumer - - - - - - - Total 1-4 Family $ 1,615 $ 1,859 $ - $ 1,632 $ 1,654 $ 24 $ 65 Home Equity 63 63 - 64 64 - 1 Commercial Real Estate 9,312 11,579 200 9,816 10,524 110 386 Multifamily 8,257 9,071 100 8,287 8,389 106 352 Land 3,455 5,094 850 3,804 4,071 1 4 Construction 5,349 5,350 750 5,349 3,566 44 107 Commercial Non-Mortgage 363 362 - 482 591 4 18 Consumer - - - - - - - Total $ 28,414 $ 33,378 $ 1,900 $ 29,434 $ 28,859 $ 289 $ 933 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Count Balance prior to TDR Balance after TDR Count Balance prior to TDR Balance after TDR (Dollars in Thousands) Commercial Real Estate - $ - $ - 2 $ 745 $ 745 Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Count Balance prior to TDR Balance after TDR Count Balanc e prior to TDR Balance after TDR (Dollars in Thousands) Commercial Real Estate - $ - $ - 1 $ 900 $ 900 |
Note 5 - Disclosures About Fa17
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using Fair Quoted Prices Significant Significant September 30, 2015 Collateral-dependent Impaired loans $ 1,078 $ -- $ -- $ 1,078 December 31, 2014 Collateral-dependent Impaired loans $ 3,822 $ – $ – $ 3,822 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Collateral-dependent Impaired Loans Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) As of September 30, 2015 Collateral-dependent impaired loans $ 1,078 Market comparable properties Marketability discount (20)% As of December 31, 2014 Collateral-dependent impaired loans $ 3,822 Market comparable properties Marketability discount 6% - 38% (7%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Using As of September 30, 2015 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 11,562 $ 11,562 $ - $ - Interest-earning time deposits 13,223 13,223 - - Held to maturity securities 500 - 500 - Loans held for sale 1,509 - 1,511 - Loans, net of allowance for loan losses 306,819 - - 310,750 Federal Home Loan Bank stock 2,700 - 2,700 - Interest receivable 831 - 831 - Financial liabilities Deposits $ 231,050 $ 119,470 $ - $ 113,398 Federal Home Loan Bank advances 47,000 - 47,396 - Interest payable 205 - 205 - Fair Value Measurements Using Carrying Amount Quoted Prices Significant Significant As of December 31, 2014 Financial assets Cash and cash equivalents $ 29,686 $ 29,686 $ – $ – Interest-earning time deposits – – – – Loans held for sale 570 – 570 – Loans, net of allowance for loan losses 296,477 – – 299,514 Federal Home Loan Bank stock 2,500 – 2,500 – Interest receivable 777 – 777 – Financial liabilities Deposits $ 223,529 $ 114,418 $ –- $ 110,560 Federal Home Loan Bank advances 50,000 – 50,567 – Interest payable 157 – 157 – |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, 2015 Three months ended September 30, 2014 Net Income $ 915 $ 749 Income allocated to participating securities (18 ) (19 ) Income attributable to common shareholders 897 730 Weighted average shares outstanding (in thousands) 2,202 2,276 Less: average unearned ESOP and unvested restricted stock (207 ) (224 ) Average Shares 1,995 2,052 Effect of diluted based awards 23 12 Average common and common-equivalent shares for diluted EPS (in thousands) 2,018 2,064 Basic EPS $ 0.45 $ 0.36 Diluted EPS $ 0.44 $ 0.35 Nine months ended September 30, 2015 Nine months ended September 30, 2014 Net Income $ 2,385 $ 1,534 Income allocated to participating securities (46 ) (38 ) Income attributable to common shareholders 2,339 1,496 Weighted average shares outstanding (in thousands) 2,210 2,276 Less: average unearned ESOP and unvested restricted stock (207 ) (224 ) Average Shares 2,003 2,052 Effect of diluted based awards 23 12 Average common and common-equivalent shares for diluted EPS (in thousands) 2,026 2,064 Basic EPS $ 1.17 $ 0.73 Diluted EPS $ 1.15 $ 0.72 |
Note 7 - Share-Based Compensa19
Note 7 - Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted average exercis e price Remaining contractual life (years) Aggregate intrinsic value Options outstanding at January 1, 2015 121,449 $ 17.45 8 $ 789 Granted 2,000 26.65 10 -- Exercised -- -- -- -- Forfeited -- -- -- -- Expired -- -- -- -- Options outstanding at September 30, 2015 123,449 $ 17.54 8 $ 992 Exercisable at September 30, 2015 71,912 $ 17.35 7 $ 592 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 17.29 % Risk-free interest rate 2.00 % Expected dividend yield 3.43 % Expected life (in years) 7.50 Exercise price for the stock options $ 26.65 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Service-Based Restricted stock awards Weighted average grant date fair value Non-vested at January 1, 2015 43,974 $ 17.44 Granted 2,000 26.65 Vested 14,440 17.39 Forfeited - - Non-vested at September 30, 2015 31,534 $ 18.07 |
Note 3 - Securities (Details)
Note 3 - Securities (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity Securities, Sold Security, at Carrying Value | $ 0 | $ 0 |
Note 3 - Securities (Details) -
Note 3 - Securities (Details) - Summary of Amortized Cost and Approximate Fair Values of Held to Maturity Securities $ in Thousands | Sep. 30, 2015USD ($) |
Held to Maturity Securities: | |
Treasury bond | $ 500 |
Treasury bond | 500 |
US Treasury Bond Securities [Member] | |
Held to Maturity Securities: | |
Treasury bond | 500 |
Treasury bond | 0 |
Treasury bond | 0 |
Treasury bond | $ 500 |
Note 3 - Securities (Details)22
Note 3 - Securities (Details) - Summary of Amortization Cost and Fair Value of Held to Maturity Securities by Contractual Maturity $ in Thousands | Sep. 30, 2015USD ($) |
Summary of Amortization Cost and Fair Value of Held to Maturity Securities by Contractual Maturity [Abstract] | |
Within one year | $ 500 |
Within one year | 500 |
One to five years | 0 |
One to five years | 0 |
Five to ten years | 0 |
Five to ten years | 0 |
After ten years | 0 |
After ten years | 0 |
Totals | 500 |
Totals | $ 500 |
Note 4 - Loans and Allowance 23
Note 4 - Loans and Allowance for Loan Losses (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Note 4 - Loans and Allowance for Loan Losses (Details) [Line Items] | |
Maximum Period for Construction Loans | 9 months |
Percentage of Construction Loans for Commercial Real Estate of Loan to Completed Appraised Value Ratio | 75.00% |
Charge Down to Net Realizable Value | 120 days |
Minimum Period for Realizable of Troubled Debt Restructuring Loans into Nonaccrual Status or Default Loans | 90 days |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment (in Dollars) | $ 0 |
Minimum Realizable Period for New Loan into Accrual Status under Performance with New Loan Terms | 6 months |
Minimum [Member] | |
Note 4 - Loans and Allowance for Loan Losses (Details) [Line Items] | |
Period for Discontinuation of Accrual of Interest on All Loan Classes | 6 months |
Note 4 - Loans and Allowance 24
Note 4 - Loans and Allowance for Loan Losses (Details) - Summary of Loans by Categories of Loans Class - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Real Estate | |||
Total loans | $ 325,912 | $ 313,462 | $ 313,920 |
Less | |||
Net deferred loan costs, premiums and discounts | 570 | 555 | |
Undisbursed portion of loan | 9,041 | 8,454 | |
Allowance for loan losses | 9,482 | 7,976 | |
Net Loans | 306,819 | 296,477 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Real Estate | |||
Total loans | 43,008 | 44,316 | 45,959 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Real Estate | |||
Total loans | 6,897 | 6,645 | 6,991 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Real Estate | |||
Total loans | 174,044 | 153,705 | 149,929 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Real Estate | |||
Total loans | 58,961 | 61,204 | 61,017 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Real Estate | |||
Total loans | 13,014 | 10,060 | 10,257 |
Construction Portfolio Segment [Member] | |||
Real Estate | |||
Total loans | 13,966 | 21,673 | 23,291 |
Commercial Portfolio Segment [Member] | |||
Real Estate | |||
Total loans | 14,806 | 14,717 | 15,344 |
Consumer Portfolio Segment [Member] | |||
Real Estate | |||
Total loans | $ 1,216 | $ 1,142 | $ 1,132 |
Note 4 - Loans and Allowance 25
Note 4 - Loans and Allowance for Loan Losses (Details) - Financing Receivables and Allowance for Credit Losses on Financing Receivables - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Allowance for loan losses: | |||||
Balance, beginning of period | $ 9,176 | $ 8,108 | $ 7,976 | $ 7,597 | $ 7,597 |
Provision charged to expense | 150 | 300 | 650 | 795 | 1,020 |
Losses charged off | 0 | (25) | (46) | (56) | (806) |
Recoveries | 156 | 110 | 902 | 157 | 165 |
Balance, end of period | 9,482 | 8,493 | 9,482 | 8,493 | 7,976 |
Ending Balance: individually evaluated for impairment | 1,300 | 1,900 | 1,300 | 1,900 | 1,150 |
Ending balance: collectively evaluated for impairment | 8,182 | 6,593 | 8,182 | 6,593 | 6,826 |
Loans: | |||||
Ending Balance | 325,912 | 313,920 | 325,912 | 313,920 | 313,462 |
Individually evaluated for impairment | 25,622 | 28,414 | 25,622 | 28,414 | 27,780 |
Collectively evaluated for impairment | 300,290 | 285,506 | 300,290 | 285,506 | 285,682 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 1,000 | 987 | 881 | 1,354 | 1,354 |
Provision charged to expense | 78 | (77) | 220 | (440) | (475) |
Losses charged off | 0 | (25) | (45) | (55) | (55) |
Recoveries | 6 | 25 | 28 | 51 | 57 |
Balance, end of period | 1,084 | 910 | 1,084 | 910 | 881 |
Ending Balance: individually evaluated for impairment | 150 | 0 | 150 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 934 | 910 | 934 | 910 | 881 |
Loans: | |||||
Ending Balance | 43,008 | 45,959 | 43,008 | 45,959 | 44,316 |
Individually evaluated for impairment | 2,293 | 1,615 | 2,293 | 1,615 | 1,645 |
Collectively evaluated for impairment | 40,715 | 44,344 | 40,715 | 44,344 | 42,671 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 112 | 154 | 100 | 251 | 251 |
Provision charged to expense | 12 | (25) | 24 | (122) | (151) |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 124 | 129 | 124 | 129 | 100 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 124 | 129 | 124 | 129 | 100 |
Loans: | |||||
Ending Balance | 6,897 | 6,991 | 6,897 | 6,991 | 6,645 |
Individually evaluated for impairment | 0 | 63 | 0 | 63 | 63 |
Collectively evaluated for impairment | 6,897 | 6,928 | 6,897 | 6,928 | 6,582 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 4,291 | 3,179 | 3,573 | 2,861 | 2,861 |
Provision charged to expense | (87) | 10 | (85) | 321 | 702 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 148 | 2 | 864 | 9 | 10 |
Balance, end of period | 4,352 | 3,191 | 4,352 | 3,191 | 3,573 |
Ending Balance: individually evaluated for impairment | 200 | 200 | 200 | 200 | 200 |
Ending balance: collectively evaluated for impairment | 4,152 | 2,991 | 4,152 | 2,991 | 3,373 |
Loans: | |||||
Ending Balance | 174,044 | 149,929 | 174,044 | 149,929 | 153,705 |
Individually evaluated for impairment | 12,558 | 9,312 | 12,558 | 9,312 | 8,956 |
Collectively evaluated for impairment | 161,486 | 140,617 | 161,486 | 140,617 | 144,749 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 1,522 | 1,333 | 1,391 | 1,514 | 1,514 |
Provision charged to expense | (109) | 47 | 22 | (134) | (123) |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 1,413 | 1,380 | 1,413 | 1,380 | 1,391 |
Ending Balance: individually evaluated for impairment | 100 | 100 | 100 | 100 | 100 |
Ending balance: collectively evaluated for impairment | 1,313 | 1,280 | 1,313 | 1,280 | 1,291 |
Loans: | |||||
Ending Balance | 58,961 | 61,017 | 58,961 | 61,017 | 61,204 |
Individually evaluated for impairment | 7,956 | 8,257 | 7,956 | 8,257 | 8,192 |
Collectively evaluated for impairment | 51,005 | 52,760 | 51,005 | 52,760 | 53,012 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 1,289 | 1,377 | 1,205 | 1,145 | 1,145 |
Provision charged to expense | 288 | 27 | 366 | 248 | (33) |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 1 | 82 | 7 | 93 | 93 |
Balance, end of period | 1,578 | 1,486 | 1,578 | 1,486 | 1,205 |
Ending Balance: individually evaluated for impairment | 850 | 850 | 850 | 850 | 850 |
Ending balance: collectively evaluated for impairment | 728 | 636 | 728 | 636 | 355 |
Loans: | |||||
Ending Balance | 13,014 | 10,257 | 13,014 | 10,257 | 10,060 |
Individually evaluated for impairment | 2,507 | 3,455 | 2,507 | 3,455 | 3,224 |
Collectively evaluated for impairment | 10,507 | 6,802 | 10,507 | 6,802 | 6,836 |
Construction Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 622 | 808 | 539 | 285 | 285 |
Provision charged to expense | (31) | 256 | 52 | 779 | 1,004 |
Losses charged off | 0 | 0 | 0 | 0 | (750) |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 591 | 1,064 | 591 | 1,064 | 539 |
Ending Balance: individually evaluated for impairment | 0 | 750 | 0 | 750 | 0 |
Ending balance: collectively evaluated for impairment | 591 | 314 | 591 | 314 | 539 |
Loans: | |||||
Ending Balance | 13,966 | 23,291 | 13,966 | 23,291 | 21,673 |
Individually evaluated for impairment | 0 | 5,349 | 0 | 5,349 | 5,349 |
Collectively evaluated for impairment | 13,966 | 17,942 | 13,966 | 17,942 | 16,324 |
Commercial Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 317 | 253 | 269 | 157 | 157 |
Provision charged to expense | 1 | 62 | 49 | 158 | 112 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 318 | 315 | 318 | 315 | 269 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 318 | 315 | 318 | 315 | 269 |
Loans: | |||||
Ending Balance | 14,806 | 15,344 | 14,806 | 15,344 | 14,717 |
Individually evaluated for impairment | 308 | 363 | 308 | 363 | 351 |
Collectively evaluated for impairment | 14,498 | 14,981 | 14,498 | 14,981 | 14,366 |
Consumer Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 23 | 17 | 18 | 30 | 30 |
Provision charged to expense | (2) | 0 | 2 | (15) | (16) |
Losses charged off | 0 | 0 | (1) | (1) | (1) |
Recoveries | 1 | 1 | 3 | 4 | 5 |
Balance, end of period | 22 | 18 | 22 | 18 | 18 |
Ending Balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 22 | 18 | 22 | 18 | 18 |
Loans: | |||||
Ending Balance | 1,216 | 1,132 | 1,216 | 1,132 | 1,142 |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | $ 1,216 | $ 1,132 | $ 1,216 | $ 1,132 | $ 1,142 |
Note 4 - Loans and Allowance 26
Note 4 - Loans and Allowance for Loan Losses (Details) - Credit Risk Profile of Our Loan Portfolio Based on Rating Category and Payment Activity - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | $ 325,912 | $ 313,462 | $ 313,920 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 267,387 | 264,577 | |
Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 37,440 | 24,635 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 1,074 | 2,815 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 20,011 | 21,435 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 43,008 | 44,316 | 45,959 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 39,604 | 40,253 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 2,138 | 2,446 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 227 | 413 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 1,039 | 1,204 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 6,897 | 6,645 | 6,991 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 6,897 | 6,645 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 174,044 | 153,705 | 149,929 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 141,388 | 131,833 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 19,793 | 10,446 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 847 | 2,383 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 12,016 | 9,043 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 58,961 | 61,204 | 61,017 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 45,972 | 47,308 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 8,506 | 9,244 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 4,483 | 4,652 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 13,014 | 10,060 | 10,257 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 8,839 | 5,160 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 2,010 | 2,156 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 2,165 | 2,744 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 13,966 | 21,673 | 23,291 |
Construction Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 13,966 | 18,213 | |
Construction Portfolio Segment [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Construction Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 3,460 | |
Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Construction Portfolio Segment [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 14,806 | 14,717 | 15,344 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 9,505 | 14,023 | |
Commercial Portfolio Segment [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 4,993 | 343 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 19 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 308 | 332 | |
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Commercial Portfolio Segment [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 1,216 | 1,142 | $ 1,132 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 1,216 | 1,142 | |
Consumer Portfolio Segment [Member] | Pass Closely Monitored [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Consumer Portfolio Segment [Member] | Loss [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Receivable | $ 0 | $ 0 |
Note 4 - Loans and Allowance 27
Note 4 - Loans and Allowance for Loan Losses (Details) - Summary of Our Past Due and Non-Accrual Loans - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 7,165 | $ 9,373 | |
Current | 318,747 | 304,089 | |
Total loans receivable | 325,912 | 313,462 | $ 313,920 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 7,503 | 8,125 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,136 | 5,112 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 691 | 786 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,338 | 3,475 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 352 | 593 | |
Current | 42,656 | 43,723 | |
Total loans receivable | 43,008 | 44,316 | 45,959 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 101 | 107 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 251 | 334 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 152 | |
Residential Portfolio Segment [Member] | One to Four Family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 101 | 107 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Current | 6,897 | 6,645 | |
Total loans receivable | 6,897 | 6,645 | 6,991 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,576 | 2,101 | |
Current | 169,468 | 151,604 | |
Total loans receivable | 174,044 | 153,705 | 149,929 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 5,361 | 1,339 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,885 | 818 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 691 | 634 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 649 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Current | 58,961 | 61,204 | |
Total loans receivable | 58,961 | 61,204 | 61,017 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,237 | 2,700 | |
Current | 10,777 | 7,360 | |
Total loans receivable | 13,014 | 10,060 | 10,257 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 2,041 | 2,700 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,237 | 2,700 | |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 3,960 | |
Current | 13,966 | 17,713 | |
Total loans receivable | 13,966 | 21,673 | 23,291 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 3,960 | |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 3,960 | |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 19 | |
Current | 14,806 | 14,698 | |
Total loans receivable | 14,806 | 14,717 | 15,344 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 19 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 19 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Current | 1,216 | 1,142 | |
Total loans receivable | 1,216 | 1,142 | $ 1,132 |
Total loans > 90 days & Accruing | 0 | 0 | |
Total Nonaccrual | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 0 | $ 0 |
Note 4 - Loans and Allowance 28
Note 4 - Loans and Allowance for Loan Losses (Details) - Summary of Impaired Loans by Class - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loans with a specific valuation allowance: | |||||
Specific allowance | $ 1,300,000 | $ 1,900,000 | $ 1,300,000 | $ 1,900,000 | $ 1,150,000 |
Totals | |||||
Recorded balance | 25,622,000 | 28,414,000 | 25,622,000 | 28,414,000 | 27,780,000 |
Unpaid principal balance | 30,436,000 | 33,378,000 | 30,436,000 | 33,378,000 | 32,054,000 |
Specific allowance | 1,300,000 | 1,900,000 | 1,300,000 | 1,900,000 | 1,150,000 |
Average balance | 26,206,000 | 29,434,000 | 28,093,000 | 28,859,000 | 30,059,000 |
Interest income | 289,000 | 289,000 | 770,000 | 933,000 | 1,277,000 |
Residential Portfolio Segment [Member] | One to Four Family [Member] | |||||
Loans without a specific valuation allowance: | |||||
Recorded balance-without valuation allowance | 1,155,000 | 1,436 | 1,155,000 | 1,436 | 1,467,000 |
Unpaid principal balance-without valuation allowance | 1,286,000 | 1,680,000 | 1,286,000 | 1,680,000 | 1,643,000 |
Average balance-without valuation allowance | 1,390,000 | 1,453,000 | 1,398,000 | 1,474,000 | 1,472,000 |
Interest income-without valuation allowance | 16,000 | 22,000 | 52,000 | 58,000 | 77,000 |
Loans with a specific valuation allowance: | |||||
Recorded balance-with valuation allowance | 1,138,000 | 179,000 | 1,138,000 | 179,000 | 178,000 |
Unpaid principal balance-with valuation allowance | 1,138,000 | 179,000 | 1,138,000 | 179,000 | 178,000 |
Specific allowance | 150,000 | 0 | 150,000 | 0 | 0 |
Average balance-with valuation allowance | 498,000 | 179,000 | 148,000 | 180,000 | 180,000 |
Interest income-with valuation allowance | 1,000 | 2,000 | 7,000 | 7,000 | 8,000 |
Totals | |||||
Recorded balance | 2,293,000 | 1,615,000 | 2,293,000 | 1,615,000 | 1,645,000 |
Unpaid principal balance | 2,424,000 | 1,859,000 | 2,424,000 | 1,859,000 | 1,821,000 |
Specific allowance | 150,000 | 0 | 150,000 | 0 | 0 |
Average balance | 1,888,000 | 1,632,000 | 1,546,000 | 1,654,000 | 1,652,000 |
Interest income | 17,000 | 24,000 | 59,000 | 65,000 | 85,000 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans without a specific valuation allowance: | |||||
Recorded balance-without valuation allowance | 0 | 63,000 | 0 | 63,000 | 63,000 |
Unpaid principal balance-without valuation allowance | 0 | 63,000 | 0 | 63,000 | 63,000 |
Average balance-without valuation allowance | 20,000 | 64,000 | 31,000 | 64,000 | 65,000 |
Interest income-without valuation allowance | 0 | 0 | 0 | 1,000 | 2,000 |
Loans with a specific valuation allowance: | |||||
Recorded balance-with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance-with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance-with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest income-with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Totals | |||||
Recorded balance | 0 | 63,000 | 0 | 63,000 | 63,000 |
Unpaid principal balance | 0 | 63,000 | 0 | 63,000 | 63,000 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance | 20,000 | 64,000 | 31,000 | 64,000 | 65,000 |
Interest income | 0 | 0 | 0 | 1,000 | 2,000 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Loans without a specific valuation allowance: | |||||
Recorded balance-without valuation allowance | 10,064,000 | 6,294,000 | 10,064,000 | 6,294,000 | 6,029,000 |
Unpaid principal balance-without valuation allowance | 11,888,000 | 8,561,000 | 11,888,000 | 8,561,000 | 8,309,000 |
Average balance-without valuation allowance | 10,706,000 | 6,778,000 | 10,865,000 | 7,499,000 | 6,680,000 |
Interest income-without valuation allowance | 79,000 | 60,000 | 199,000 | 235,000 | 323,000 |
Loans with a specific valuation allowance: | |||||
Recorded balance-with valuation allowance | 2,494,000 | 3,018,000 | 2,494,000 | 3,018,000 | 2,927,000 |
Unpaid principal balance-with valuation allowance | 2,494,000 | 3,018,000 | 2,494,000 | 3,018,000 | 2,927,000 |
Specific allowance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 |
Average balance-with valuation allowance | 2,543,000 | 3,038,000 | 2,639,000 | 3,025,000 | 3,000,000 |
Interest income-with valuation allowance | 43,000 | 50,000 | 134,000 | 151,000 | 200,000 |
Totals | |||||
Recorded balance | 12,558,000 | 9,312,000 | 12,558,000 | 9,312,000 | 8,956,000 |
Unpaid principal balance | 14,382,000 | 11,579,000 | 14,382,000 | 11,579,000 | 11,236,000 |
Specific allowance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 |
Average balance | 13,249,000 | 9,816,000 | 13,504,000 | 10,524,000 | 9,680,000 |
Interest income | 122,000 | 110,000 | 333,000 | 386,000 | 523,000 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | |||||
Loans without a specific valuation allowance: | |||||
Recorded balance-without valuation allowance | 6,654,000 | 6,912,000 | 6,654,000 | 6,912,000 | 6,847,000 |
Unpaid principal balance-without valuation allowance | 7,468,000 | 7,726,000 | 7,468,000 | 7,726,000 | 7,661,000 |
Average balance-without valuation allowance | 6,718,000 | 6,942,000 | 6,750,000 | 7,034,000 | 6,941,000 |
Interest income-without valuation allowance | 117,000 | 85,000 | 279,000 | 290,000 | 392,000 |
Loans with a specific valuation allowance: | |||||
Recorded balance-with valuation allowance | 1,302,000 | 1,345,000 | 1,302,000 | 1,345,000 | 1,345,000 |
Unpaid principal balance-with valuation allowance | 1,302,000 | 1,345,000 | 1,302,000 | 1,345,000 | 1,345,000 |
Specific allowance | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 |
Average balance-with valuation allowance | 1,328,000 | 1,345,000 | 1,332,000 | 1,355,000 | 1,355,000 |
Interest income-with valuation allowance | 21,000 | 21,000 | 61,000 | 62,000 | 83,000 |
Totals | |||||
Recorded balance | 7,956,000 | 8,257,000 | 7,956,000 | 8,257,000 | 8,192,000 |
Unpaid principal balance | 8,770,000 | 9,071,000 | 8,770,000 | 9,071,000 | 9,006,000 |
Specific allowance | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 |
Average balance | 8,046,000 | 8,287,000 | 8,082,000 | 8,389,000 | 8,296,000 |
Interest income | 138,000 | 106,000 | 340,000 | 352,000 | 475,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Loan [Member] | |||||
Loans without a specific valuation allowance: | |||||
Recorded balance-without valuation allowance | 467,000 | 529,000 | 467,000 | 529,000 | 524,000 |
Unpaid principal balance-without valuation allowance | 739,000 | 809,000 | 739,000 | 809,000 | 805,000 |
Average balance-without valuation allowance | 481,000 | 612,000 | 492,000 | 912,000 | 504,000 |
Interest income-without valuation allowance | 7,000 | 1,000 | 21,000 | 3,000 | 4,000 |
Loans with a specific valuation allowance: | |||||
Recorded balance-with valuation allowance | 2,040,000 | 2,926,000 | 2,040,000 | 2,926,000 | 2,700,000 |
Unpaid principal balance-with valuation allowance | 3,811,000 | 4,285,000 | 3,811,000 | 4,285,000 | 4,060,000 |
Specific allowance | 850,000 | 850,000 | 850,000 | 850,000 | 850,000 |
Average balance-with valuation allowance | 2,205,000 | 3,192,000 | 2,329,000 | 3,159,000 | 3,044,000 |
Interest income-with valuation allowance | 0 | 0 | 0 | 1,000 | 1,000 |
Totals | |||||
Recorded balance | 2,507,000 | 3,455,000 | 2,507,000 | 3,455,000 | 3,224,000 |
Unpaid principal balance | 4,550,000 | 5,094,000 | 4,550,000 | 5,094,000 | 4,865,000 |
Specific allowance | 850,000 | 850,000 | 850,000 | 850,000 | 850,000 |
Average balance | 2,686,000 | 3,804,000 | 2,821,000 | 4,071,000 | 3,548,000 |
Interest income | 7,000 | 1,000 | 21,000 | 4,000 | 5,000 |
Construction Portfolio Segment [Member] | |||||
Loans without a specific valuation allowance: | |||||
Recorded balance-without valuation allowance | 0 | 0 | 0 | 0 | 5,349,000 |
Unpaid principal balance-without valuation allowance | 2,000 | 1,000 | 2,000 | 1,000 | 4,712,000 |
Average balance-without valuation allowance | 0 | 0 | 1,783,000 | 0 | 3,664,000 |
Interest income-without valuation allowance | 0 | 0 | 0 | 0 | 57,000 |
Loans with a specific valuation allowance: | |||||
Recorded balance-with valuation allowance | 0 | 5,349,000 | 0 | 5,349,000 | 0 |
Unpaid principal balance-with valuation allowance | 0 | 5,349,000 | 0 | 5,349,000 | 0 |
Specific allowance | 0 | 750,000 | 0 | 750,000 | 0 |
Average balance-with valuation allowance | 0 | 5,349,000 | 0 | 3,566,000 | 2,674,000 |
Interest income-with valuation allowance | 0 | 44,000 | 0 | 107,000 | 107,000 |
Totals | |||||
Recorded balance | 0 | 5,349,000 | 0 | 5,349,000 | 5,349,000 |
Unpaid principal balance | 2,000 | 5,350,000 | 2,000 | 5,350,000 | 4,712,000 |
Specific allowance | 0 | 750,000 | 0 | 750,000 | 0 |
Average balance | 0 | 5,349,000 | 1,783,000 | 3,566,000 | 6,338,000 |
Interest income | 0 | 44,000 | 0 | 107,000 | 164,000 |
Commercial Portfolio Segment [Member] | |||||
Loans without a specific valuation allowance: | |||||
Recorded balance-without valuation allowance | 0 | 23,000 | 0 | 23,000 | 19,000 |
Unpaid principal balance-without valuation allowance | 0 | 23,000 | 0 | 23,000 | 19,000 |
Average balance-without valuation allowance | 0 | 137,000 | 5,000 | 245,000 | 137,000 |
Interest income-without valuation allowance | 0 | 0 | 0 | 5,000 | 5,000 |
Loans with a specific valuation allowance: | |||||
Recorded balance-with valuation allowance | 308,000 | 340,000 | 308,000 | 340,000 | 332,000 |
Unpaid principal balance-with valuation allowance | 308,000 | 339,000 | 308,000 | 339,000 | 332,000 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance-with valuation allowance | 317,000 | 345,000 | 321,000 | 346,000 | 343,000 |
Interest income-with valuation allowance | 5,000 | 4,000 | 17,000 | 13,000 | 18,000 |
Totals | |||||
Recorded balance | 308,000 | 363,000 | 308,000 | 363,000 | 351,000 |
Unpaid principal balance | 308,000 | 362,000 | 308,000 | 362,000 | 351,000 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance | 317,000 | 482,000 | 326,000 | 591,000 | 480,000 |
Interest income | 5,000 | 4,000 | 17,000 | 18,000 | 23,000 |
Consumer Portfolio Segment [Member] | |||||
Loans without a specific valuation allowance: | |||||
Recorded balance-without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance-without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Average balance-without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest income-without valuation allowance | 0 | 0 | 0 | 0 | 0 |
Loans with a specific valuation allowance: | |||||
Recorded balance-with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance-with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance-with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Interest income-with valuation allowance | 0 | 0 | 0 | 0 | 0 |
Totals | |||||
Recorded balance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Specific allowance | 0 | 0 | 0 | 0 | 0 |
Average balance | 0 | 0 | 0 | 0 | 0 |
Interest income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Loans and Allowance 29
Note 4 - Loans and Allowance for Loan Losses (Details) - Summary of Loans Restructured as TDRs - Commercial Real Estate Portfolio Segment [Member] - Real Estate Loan [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||
Commercial Real Estate | 0 | 0 | 2 | 1 |
Commercial Real Estate | $ 0 | $ 0 | $ 745 | $ 900 |
Commercial Real Estate | $ 0 | $ 0 | $ 745 | $ 900 |
Note 5 - Disclosures About Fa30
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details) - Summary of Fair Value Measurements of Assets and Liabilities Nonrecurring Basis - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | ||
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details) - Summary of Fair Value Measurements of Assets and Liabilities Nonrecurring Basis [Line Items] | ||
Collateral-dependent Impaired loans | $ 1,078 | $ 3,822 |
Fair Value, Inputs, Level 1 [Member] | Portion at Fair Value Measurement [Member] | ||
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details) - Summary of Fair Value Measurements of Assets and Liabilities Nonrecurring Basis [Line Items] | ||
Collateral-dependent Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Portion at Fair Value Measurement [Member] | ||
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details) - Summary of Fair Value Measurements of Assets and Liabilities Nonrecurring Basis [Line Items] | ||
Collateral-dependent Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Portion at Fair Value Measurement [Member] | ||
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details) - Summary of Fair Value Measurements of Assets and Liabilities Nonrecurring Basis [Line Items] | ||
Collateral-dependent Impaired loans | $ 1,078 | $ 3,822 |
Note 5 - Disclosures About Fa31
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details) - Summary of Quantitative Information about Unobservable Inputs used in Recurring and Nonrecurring Level Three Fair Value Measurements Other Than Goodwill - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 1,078 | $ 3,822 |
Range | 17.29% | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation technique | Market comparable properties | Market comparable properties |
Unobservable inputs | Marketability discount | Marketability discount |
Range | (20.00%) | |
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | 6.00% | |
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | 38.00% | |
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | (7.00%) |
Note 5 - Disclosures About Fa32
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details) - Summary of Estimated Fair Values of Company's Financial Instruments - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial Assets | ||
Interest-earning time deposits | $ 13,223 | |
Held to maturity securities | 500 | |
Interest receivable | 831 | $ 777 |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 11,562 | 29,686 |
Interest-earning time deposits | 13,223 | 0 |
Held to maturity securities | 500 | |
Loans held for sale | 1,509 | 570 |
Loans, net of allowance for loan losses | 306,819 | 296,477 |
Federal Home Loan Bank stock | 2,700 | 2,500 |
Interest receivable | 831 | 777 |
Financial liabilities | ||
Deposits | 231,050 | 223,529 |
Federal Home Loan Bank advances | 47,000 | 50,000 |
Interest payable | 205 | 157 |
Fair Value, Inputs, Level 1 [Member] | Portion at Fair Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 11,562 | 29,686 |
Interest-earning time deposits | 13,223 | 0 |
Held to maturity securities | 0 | |
Loans held for sale | 0 | 0 |
Loans, net of allowance for loan losses | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 119,470 | 114,418 |
Federal Home Loan Bank advances | 0 | 0 |
Interest payable | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Portion at Fair Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-earning time deposits | 0 | 0 |
Held to maturity securities | 500 | |
Loans held for sale | 1,511 | 570 |
Loans, net of allowance for loan losses | 0 | 0 |
Federal Home Loan Bank stock | 2,700 | 2,500 |
Interest receivable | 831 | 777 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 47,396 | 50,567 |
Interest payable | 205 | 157 |
Fair Value, Inputs, Level 3 [Member] | Portion at Fair Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-earning time deposits | 0 | 0 |
Held to maturity securities | 0 | |
Loans held for sale | 0 | 0 |
Loans, net of allowance for loan losses | 310,750 | 299,514 |
Federal Home Loan Bank stock | 0 | 0 |
Interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 113,398 | 110,560 |
Federal Home Loan Bank advances | 0 | 0 |
Interest payable | $ 0 | $ 0 |
Note 6 - Earnings Per Share (D
Note 6 - Earnings Per Share (Details) - Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income (in Dollars) | $ 915 | $ 749 | $ 2,385 | $ 1,534 |
Income allocated to participating securities (in Dollars) | (18) | (19) | (46) | (38) |
Income attributable to common shareholders (in Dollars) | $ 897 | $ 730 | $ 2,339 | $ 1,496 |
Weighted average shares outstanding (in thousands) | 2,202 | 2,276 | 2,210 | 2,276 |
Less: average unearned ESOP and unvested restricted stock | (207) | (224) | (207) | (224) |
Average Shares | 1,995 | 2,052 | 2,003 | 2,052 |
Effect of diluted based awards | 23 | 12 | 23 | 12 |
Average common and common-equivalent shares for diluted EPS (in thousands) | 2,018 | 2,064 | 2,026 | 2,064 |
Basic EPS (in Dollars per share) | $ 0.45 | $ 0.36 | $ 1.17 | $ 0.73 |
Diluted EPS (in Dollars per share) | $ 0.44 | $ 0.35 | $ 1.15 | $ 0.72 |
Note 7 - Share-Based Compensa34
Note 7 - Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Note 7 - Share-Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 351,050 | 351,050 | ||
Allocated Share-based Compensation Expense | $ 81 | $ 79 | $ 238 | $ 235 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 6 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 124 | $ 124 | ||
Stock or Unit Option Plan Expense | 16 | 17 | 46 | 47 |
Restricted Stock or Unit Expense | 66 | $ 59 | 192 | $ 188 |
Restricted Stock [Member] | ||||
Note 7 - Share-Based Compensation (Details) [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 536 | $ 536 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 7 - Share-Based Compensa35
Note 7 - Share-Based Compensation (Details) - Summary of Stock Option Activity - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Summary of Stock Option Activity [Abstract] | ||
Options outstanding at January 1, 2015 | 123,449 | 121,449 |
Options outstanding at January 1, 2015 | $ 17.54 | $ 17.45 |
Options outstanding at January 1, 2015 | 8 years | 8 years |
Options outstanding at January 1, 2015 | $ 992 | $ 789 |
Granted | 2,000 | |
Granted | $ 26.65 | |
Granted | 10 years | |
Exercised | 0 | |
Exercised | $ 0 | |
Forfeited | 0 | |
Forfeited | $ 0 | |
Expired | 0 | |
Expired | $ 0 | |
Options outstanding at September 30, 2015 | 123,449 | 121,449 |
Options outstanding at September 30, 2015 | $ 17.54 | $ 17.45 |
Options outstanding at September 30, 2015 | 8 years | 8 years |
Options outstanding at September 30, 2015 | $ 992 | $ 789 |
Exercisable at September 30, 2015 | 71,912 | |
Exercisable at September 30, 2015 | $ 17.35 | |
Exercisable at September 30, 2015 | 7 years | |
Exercisable at September 30, 2015 | $ 592 |
Note 7 - Share-Based Compensa36
Note 7 - Share-Based Compensation (Details) - Assumptions Used in Black-Scholes Option Pricing Formula | 9 Months Ended |
Sep. 30, 2015$ / shares | |
Assumptions Used in Black-Scholes Option Pricing Formula [Abstract] | |
Expected volatility | 17.29% |
Risk-free interest rate | 2.00% |
Expected dividend yield | 3.43% |
Expected life (in years) | 7 years 6 months |
Exercise price for the stock options (in Dollars per share) | $ 26.65 |
Note 7 - Share-Based Compensa37
Note 7 - Share-Based Compensation (Details) - Summary of Restricted Stock Award Activity shares in Thousands | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Summary of Restricted Stock Award Activity [Abstract] | |
Non-vested at January 1, 2015 | shares | 43,974 |
Non-vested at January 1, 2015 | $ 17.44 |
Non-vested at September 30, 2015 | shares | 31,534 |
Non-vested at September 30, 2015 | $ 18.07 |
Granted | shares | 2,000 |
Granted | $ 26.65 |
Vested | shares | 14,440 |
Vested | $ 17.39 |
Forfeited | shares | 0 |
Forfeited | $ 0 |